GPS Renewables, a provider in the clean fuels sector, has recently announced securing orders worth Rs 2,000 crore for multiple Compressed Biogas (CBG) projects, also known as Renewable Natural Gas (RNG), to be implemented across India. The company has strategically positioned these plants to process 4,000 tonnes per day of agri-residue and energy crops, complemented by an additional 300 tonnes per day of Municipal Solid Waste (MSW) processed for Biogas, effectively contributing to the prevention of landfill accumulation. These initiatives collectively forecast a minimum daily output of 350 tonnes per day (TPD) of compressed biogas.
With this substantial order book, GPS Renewables is poised to surpass a turnover of Rs 500 crore in the fiscal year 2023-24, compared to its turnover of Rs 153 crore in the previous year. This significant growth has been accompanied by an increase in the company’s employee strength, rising from 72 to 175, and currently employing 356 full-time professionals. Despite its rapid expansion, GPS Renewables asserts that it has maintained profitability, reporting an EBITDA of Rs 17.5 crore with a PAT of Rs 11 crore in FY2022-23. The company remains confident in sustaining similar levels of profitability in the upcoming fiscal year.
To date, GPS Renewables has successfully established over 100 biogas plants, including Asia’s largest RNG plant based on Municipal Solid Waste (MSW) in Indore, Madhya Pradesh, inaugurated by the Prime Minister of India, Narendra Modi. Mainak Chakraborty, CEO and Co-Founder of GPS Renewables, expressed, “From inception to date, we have focused on building a profitable solution to tackle India’s waste-to-bioenergy challenge. Today, our company has an order book of Rs 2,000 crore from leading conglomerates in the country. This showcases our commitment towards accelerating the substitution of fossil fuel with bio-energy and playing a key role in mitigating climate change.”
In a recent strategic move, GPS Renewables acquired Germany-based Proweps Envirotech, a leading design and engineering company specializing in technologies for utilizing municipal and industrial organic waste and agri-residue for biogas production. Proweps brings extensive international experience in waste treatment, anaerobic digestion, and biogas upgrading plants. Looking ahead, GPS Renewables plans to develop its own Compressed Biogas (CBG) projects through its climate infrastructure platform, GPSR Arya, via a Joint Venture with Indian Oil Corporation (IOCL). Additionally, through its R&D arm, GPSR Aavishkar, the company is actively engaged in research on developing anaerobic fungi for lignocellulosic biomass (plant-based dry waste) along with engineering multi-feedstock compliant digester technologies. Furthermore, GPS Renewables is investing in developing technologies and projects to supply sustainable aviation fuel.
